USAID introducing new modern mechanism of audit for Discos

ISLAMABAD - In order to improve efficiency and performance of power distribution companies in the country, the USAID with the assistance of DISCOs is introducing new modern mechanism of audit for DISCOs. In this regard the USAID Power Distribution Program organized a one-day workshop for the Board members and Finance Directors of DISCOs and highlighted the success and rollout of the recently completed accounting manual. The accounting manual updates the DISCO’s legacy manual, last revised in the 1980’s.,and provides DISCOs with a manual consistent with that of a best practices modern electric utility. It will act as a comprehensive finance and accounting resource which is fully compliant with all governmental, regulatory and International Accounting Standards as applicable in Pakistan. Job descriptions, supported by documented detail, are included and will serve as a tool for training, performance reviews, evaluations and promotions.“Our main objective is to assist DISCOs in improving their performance and efficiency, therefore revised accounting manual shall help in achieving our objective” Craig VanDevelde, Chief of Party of the USAID Power Distribution Program said on the occasion “We are also working on reducing energy losses and assisting with installation of technical equipment in DISCOs which will bring improvement in revenue and reduction in losses”.“The DISCO can look forward to an accounting manual which will be a critical financial resource and help improve the DISCO’s financial reporting practices” Said Gary Bartlett, Finance expert of USAID Power Distribution Program.